Excellent virus detection record
Daily virus signature updates
Flexible, easy to use, - both for beginners and experts
The only program which scans web surfing, ftp, newsgroup and AOL email attachments
The only program which integrates your mail folders into the antivirus interface
Support for all common archive formats
Very fast scanner, low system impact
DOS scanner included
Very stable except on ME
One of the least expensive
Now online registration available

Cons - Panda Anti-Virus:

Log file could be more informative
Some have reported stability issues on Windows ME, might fail to scan all files during heavy load on this OS
Vendors website is badly designed (just my personal opinion:).

Major flaws - Panda Anti-Virus:

None

Email clients supported - Panda Anti-Virus:

Outlook
Outlook Express
Netscape Messenger
Eudora
Pegasus Mail
MSN Mail

Also supports:

HTTP: Internet Explorer, Netscape, Opera
FTP: WS_FTP, CuteFTP
NNTP: Outlook Express, Netscape Messenger, Free Agent

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